SpiceJet sold to co-founder Ajay Singh

New Delhi, Jan 15:The struggling airliner-SpiceJet-may finally have found anchor in its co-founder Ajay Singh who helped set up the low-cost carrier in 2005. However, it is not clear how much the current owner and media billionaire Kalanithi Maran is being paid.

India's second largest budget airliner was forced to ground its fleet after suppliers refused to refuel the planes. This prompted speculations that it was heading towards a collapse. Incidentally, the situation arised just two years after the aviation giant Kingfisher Airlines imploded leaving billions of dollar in unpaid debt.

Mr Singh, a well-connected businessman who is also credited with coining Narendra Modi's pioneering slogan 'Acche Din' so far owned upto 5 percent of the airline.

Mr Maran's Sun Group had said in December that it could not afford to bail the airline out from the Rs 2500 crore debt since he bought the airline in 2010.

Under Mr Maran's tenure, SpiceJet aggressively expanded its fleet of Boeing planes and started flying more routes in discounts to attract more passengers.